Joint BookrunnerTINC

Kempen is pleased to announce the successful EUR 78 million capital increase with non-statutory preferential rights for existing shareholders

Transaction highlights

The transaction comprised c.6.8 million new shares, equal to c.33% of pre-deal outstanding share capital (equal to a subscription ration of 1:3)

The subscription price was set equal to EUR 11.40 per share

7.6% discount to TERP

9.9% discount to the closing price prior to announcement

3.6% discount to NAV (as of 31 December 2017)

85% of the new shares were subscribed for during the subscription period.

The remaining c.1.0 million shares were placed at EUR 11.70 via an accelerated bookbuild

Gross proceeds amount to EUR 78 million and will be used to fund outstanding investment commitments and repay outstanding financial debt. Remaining funds will be used for new investment opportunities

The orderbook was well oversubscribed and was supported by strong demand from long only investors; allocations were skewed towards dedicated funds and parties that supported in the rights issue; the top-10 investors in the book were allocated 84% of the rump placement

Kempen introduced TINC to a broad range of specialist infrastructure as well as generalist investors throughout Europe with a focus on long-term committed investors

Company description

TINC is a dedicated infrastructure investor with a diversified portfolio comprising of 17 participations in Belgium, the Netherlands and Ireland with a total NAV of EUR 242 million. The company has invested in a wide range of subsectors, including among others locks, wind and solar farms, roads, car parks, fiber networks and healthcare institutions